Nigerians to pay N100 for withdrawing money from other banks’ ATMs starting Match 1—CBN

Customers will from March 1, 2025, start paying more for withdrawals from other banks’ Automated Teller Machines following a new review by the Central Bank of Nigeria. The apex bank, in a circular signed by its acting Director of Financial Policy and Regulation Department, John Onojah, dated February 10, 2025, noted that ATM withdrawals within the same bank would be free. CBN said that ATM withdrawals of N20,000 by a different bank customer on the premises of another bank would be charged N100 while ATM withdrawal from another bank but not on the bank’s premises would be charged N600.
The directive stated, “On-Us, (Customers withdrawing at the ATM of the customer’s financial institution) in Nigeria,” will attract no charge. 
For “Not-On-Us transactions, (Withdrawal from another financial institution’s ATM) in Nigeria, On-site ATMs: A charge of N100 per N20,000 withdrawal,” while, “Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal,” which is an income of the ATM deployer/acquirer shall be disclosed at the point of withdrawal to the customer. International withdrawals (per transaction) whether debit/credit card: Cost Recovery- exact charge by international acquirer.”
The CBN said the implementation of the policy, which was in response to rising costs and the need to improve efficiency of ATM services in the banking industry, as in line with Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020. (the Guide). Noting that the last review was in 2019, when withdrawal fee was reduced from N65 to N35, the bank stated that the latest review “is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.” It therefore urged financial institutions to comply with the new directives ahead of the implementation date.